Beasley Broadcast Group, a Naples-based radio station company, has agreed to sell four radio stations in Charlotte, N.C. to Entercom Communications Corp. for $24 million.
The sale is contingent upon Beasley's previously announced acquisition of all of the outstanding stock of Greater Media, a $240 million deal announced earlier this year. The sale, of two FM and two AM stations, is part of a plan for Beasley to shed certain radio stations in order to comply with FCC ownership regulations in the Greater Media deal, according to a statement.
Stations suburban Philadelphia-based Entercom will acquire include WBT-FM, WLNK-FM and WBT-AM, all of which are currently owned by Greater Media and held in a trust pending the completion of the Beasley acquisition, the release adds. Entercom will also acquire Beasley's WFNZ-AM in Charlotte and an FM translator.
Beasley's deal to buy Massachusetts-based Greater Media, pending closing later this year, will propel Beasley onto the list of the Top 10 radio broadcast companies in the U.S. by revenues, with a combined 73 stations in 16 markets. The purchase is in cash, stock and debt.